Coastal Financial ( (CCB) ) has released its Q4 earnings. Here is a breakdown of the information Coastal Financial presented to its investors.
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Coastal Financial Corporation, a bank holding company based in Everett, Washington, operates Coastal Community Bank, which focuses on community banking and banking as a service (BaaS) through its CCBX segment. In its fourth quarter 2024 earnings report, Coastal Financial Corporation announced a net income of $13.4 million, slightly down from the previous quarter. The company completed a significant $98 million capital raise aimed at fueling growth, particularly in its CCBX segment, which saw a 56.9% increase in program fee income over the year. Coastal Financial’s fourth quarter results highlighted continued investments in its CCBX segment, with total assets reaching $4.12 billion, up from the previous quarter. The company sold $845.5 million in loans during the quarter, which included credit card receivables, while maintaining strong credit quality and risk mitigation strategies. Looking ahead, Coastal Financial’s management remains focused on expanding its CCBX partner base and enhancing its technological infrastructure to drive further growth, while managing credit quality and maintaining a stable income stream through increased noninterest income.